Truly Agreed, 2016

209.605. 1. There is hereby created the "Missouri
Achieving a Better Life Experience Program". The program shall
be administered by the Missouri ABLE board which shall consist
of the Missouri state treasurer who shall serve as chairman,
the director of the department of health and senior services
or his or her designee, the commissioner of the office of administration
or his or her designee, the director of the department of economic
development or his or her designee, two persons having demonstrable
experience and knowledge in the areas of finance or the investment
and management of public funds, one of whom is selected by the
president pro tempore of the senate and one of whom is selected
by the speaker of the house of representatives, and one person
having demonstrable experience and knowledge in the area of banking
or deposit rate determination and placement of depository certificates
of deposit or other deposit investments. Such member shall
be appointed by the governor with the advice and consent of the
senate. The three appointed members shall be appointed to serve
for terms of four years from the date of appointment, or until
their successors shall have been appointed and qualified. The
members of the board shall be subject to the provisions of
section 105.452. Any member who violates the provisions of
section 105.452 shall be removed from the board. 2.
In order to establish and administer the ABLE program, the board,
in addition to its other powers and authority, shall have the
power and authority to: (1)
Develop and implement the Missouri achieving a better life experience
program; (2) Promulgate reasonable
rules and regulations and establish policies and procedures to
implement sections 209.600 to 209.645 to permit the ABLE program
to qualify as a "qualified ABLE program" pursuant to 26
U.S.C. Section 529A of the Internal Revenue Code and to
ensure ABLE program's compliance with all applicable laws; (3)
Develop and implement educational programs and related informational
materials for participants, either directly or through a contractual
arrangement with a financial institution for investment services,
and their families, including special programs and materials
to inform individuals with disabilities regarding methods for
financing the lives of individuals with disabilities so as
to maintain health, independence, and quality of life; (4)
Enter into agreements with any financial institution, or any
state or federal agency or entity as required for the operation
of the ABLE program pursuant to sections 209.600 to 209.645; (5)
Enter into participation agreements with participants; (6)
Accept any grants, gifts, legislative appropriations, and other
moneys from the state, any unit of federal, state, or local
government or any other person, firm, partnership, or corporation
for deposit to the account of the ABLE program; (7)
Invest the funds received from participants in appropriate investment
instruments to achieve long-term total return through a combination
of capital appreciation and current income; (8)
Make appropriate payments and distributions on behalf of designated
beneficiaries pursuant to participation agreements; (9)
Make refunds to participants upon the termination of participation
agreements pursuant to the provisions, limitations, and restrictions
set forth in sections 209.600 to 209.645 and the rules adopted
by the board; (10) Make provision
for the payment of costs of administration and operation of the
ABLE program; (11) Effectuate
and carry out all the powers granted by sections 209.600 to 209.645,
and have all other powers necessary to carry out and effectuate
the purposes, objectives, and provisions of sections 209.600
to 209.645 pertaining to the ABLE program; (12)
Procure insurance, guarantees, or other protections against
any loss in connection with the assets or activities of the ABLE
program; and (13) Enter into
agreements with other states to allow residents of that state
to participate in the Missouri achieving a better life experience
program. 3. Four members of
the board shall constitute a quorum. No vacancy in the membership
of the board shall impair the right of a quorum to exercise all
the rights and perform all the duties of the board. No action
shall be taken by the board except upon the affirmative vote
of a majority of the members present. Any member of the board
may designate a proxy for that member who will enjoy the full
voting privileges of that member for the one meeting so specified
by such member. No more than three proxies shall be considered
members of the board for purposes of establishing a quorum. 4.
The board shall meet within the state of Missouri at the time
set at a previously scheduled meeting or by the request of
any four members of the board. Notice of the meeting shall be
delivered to all members of the board in person or by depositing
notice in a United States post office in a properly stamped
and addressed envelope not less than six days prior to the date
fixed for the meeting. The board may meet at any time by unanimous
mutual consent. There shall be at least one meeting in each
quarter. 5. The funds of the
ABLE program shall be invested only in those investments which
a prudent person acting in a like capacity and familiar with
these matters would use in the conduct of an enterprise of
a like character and with like aims, as provided in section 105.688.
For new contracts entered into after August 28, 2015, board
members shall study investment plans of other states and contract
with or negotiate to provide benefit options the same as or similar
to other states' qualified plans for the purpose of offering
additional options for members of the plan. The board may
delegate to duly appointed investment counselors authority to
act in place of the board in the investment and reinvestment
of all or part of the moneys and may also delegate to such
counselors the authority to act in place of the board in the
holding, purchasing, selling, assigning, transferring, or disposing
of any or all of the securities and investments in which such
moneys shall have been invested, as well as the proceeds of such
investments and such moneys. Such investment counselors shall
be registered as investment advisors with the United States
Securities and Exchange Commission. In exercising or delegating
its investment powers and authority, members of the board shall
exercise ordinary business care and prudence under the facts
and circumstances prevailing at the time of the action or decision.
No member of the board shall be liable for any action taken
or omitted with respect to the exercise of, or delegation of,
these powers and authority if such member shall have discharged
the duties of his or her position in good faith and with that
degree of diligence, care, and skill which a prudent person
acting in a like capacity and familiar with these matters would
use in the conduct of an enterprise of a like character and
with like aims. 6. No investment
transaction authorized by the board shall be handled by any company
or firm in which a member of the board has a substantial interest,
nor shall any member of the board profit directly or indirectly
from any such investment. 7.
No member of the board or employee of the ABLE program shall
receive any gain or profit from any funds or transaction of
the ABLE program. Any member of the board, employee, or agent
of the ABLE program accepting any gratuity or compensation for
the purpose of influencing such member of the board's, employee's,
or agent's action with respect to the investment or management
of the funds of the ABLE program shall thereby forfeit the office
and in addition thereto be subject to the penalties prescribed
for bribery.